1. Musculoskeletal Conditions
Musculoskeletal conditions, including back pain, arthritis, and joint disorders, are the leading cause of disability claims. The physical demands of being a physician, such as long hours standing during surgeries or repetitive movements, increase the risk of developing these issues. A musculoskeletal condition can significantly impact your ability to perform your duties, making disability insurance an essential safety net.
2. Cancer
Cancer remains one of the most devastating diagnoses, affecting millions each year. For physicians, a cancer diagnosis not only threatens their health but also their professional life. Treatment and recovery can be lengthy, leading to extended periods away from work. Disability insurance provides financial stability during such challenging times, ensuring you can focus on recovery without worrying about lost income.
3. Injuries
Accidents happen, both inside and outside the workplace. Whether it’s a slip in the hospital, a car accident, or a sports injury, these unexpected events can lead to temporary or permanent disabilities. Injuries are a common reason for disability claims, and having insurance means you are prepared for the unexpected, maintaining your financial security during recovery.
4. Cardiovascular Conditions
Heart disease, stroke, and other cardiovascular conditions are significant causes of disability. The stress and demands of the medical profession can exacerbate these risks. A cardiovascular event can prevent you from practicing medicine, possibly for an extended period. Disability insurance helps cover your expenses while you focus on regaining your health.
5. Mental Disorders
Mental health is just as important as physical health, but it is often overlooked. Conditions such as depression, anxiety, and burnout are increasingly recognized as serious issues that can impair a physician’s ability to work. The stigma around mental health can delay seeking help, but disability insurance ensures that if you do need to take time off for treatment, you won’t face financial hardship. Some disability insurance policies will have exclusions for certain mental illnesses. Other policies may cover mental illness, but with reduced benefits or a shorter benefit period. Every disability provider sets its own rules, so it’s important to work with an independent broker to make sure you understand what will and won’t be covered.
The most interesting takeaway from these findings is that more than 90% of disability claims are due to illnesses and not injuries or accidents.
